---
kind: "section"
citation: "42 U.S.C. § 12851"
title: "42"
title_heading: "The Public Health and Welfare"
number: "12851"
heading: "National Homeownership Trust"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/42/12851"
units:
  - "Chapter 130 — National Affordable Housing"
  - "Subchapter III — National Homeownership Trust Demonstration"
---

# §12851. National Homeownership Trust

- (a) **Establishment—** There is established the National Homeownership [Trust](/usc/42/12854.md?p=6), which shall be in the Department of [Housing](/usc/42/12704.md?p=8) and Urban Development and shall provide assistance to [first-time homebuyers](/usc/42/12704.md?p=14) in accordance with this subchapter.
- (b) **Board of Directors—** The [Trust](/usc/42/12854.md?p=6) shall be governed by a [Board of Directors](/usc/42/12854.md?p=1), which shall be composed of—
  - (1) the [Secretary](/usc/42/12704.md?p=16) of [Housing](/usc/42/12704.md?p=8) and Urban Development, who shall be the chairperson of the [Board](/usc/42/12854.md?p=1);
  - (2) the [Secretary](/usc/42/12704.md?p=16) of the Treasury;
  - (3) the chairperson of the [Board of Directors](/usc/42/12854.md?p=1) of the Federal Deposit Insurance [Corporation](/usc/42/2297h.md?p=2);
  - (4) the chairperson of the Federal [Housing](/usc/42/12704.md?p=8) Finance [Board](/usc/42/12854.md?p=1);
  - (5) the chairperson of the [Board of Directors](/usc/42/12854.md?p=1) of the Federal National Mortgage Association;
  - (6) the chairperson of the [Board of Directors](/usc/42/12854.md?p=1) of the Federal Home Loan Mortgage [Corporation](/usc/42/2297h.md?p=2); and
  - (7) 1 individual representing consumer interests, who shall be appointed by the President of the United States, by and with the advice and consent of the Senate.
- (c) **Powers of Trust—** The [Trust](/usc/42/12854.md?p=6) shall have the same powers as the powers given the Government National Mortgage Association in [section 1723a(a) of title 12](/usc/12/1723a.md?p=a).
- (d) **Travel and per diem—** Members of the [Board of Directors](/usc/42/12854.md?p=1) shall receive no additional compensation by reason of service on the [Board](/usc/42/12854.md?p=1), but shall be allowed travel expenses, including per diem in lieu of subsistence, as provided for employees of the Federal Government or in the same manner as persons employed intermittently in the Government service are allowed under [section 5703 of title 5](/usc/5/5703.md), as appropriate.
- (e) **Director and staff—**
  - (1) **Director—** The [Board of Directors](/usc/42/12854.md?p=1) may appoint an executive [director](/usc/42/11851.md?p=5) of the [Trust](/usc/42/12854.md?p=6) and fix the compensation of the executive [director](/usc/42/11851.md?p=5), which shall be paid from amounts in the National Homeownership [Trust](/usc/42/12854.md?p=6) [Fund](/usc/42/12854.md?p=3).
  - (2) **Staff—** Subject to such rules as the [Board of Directors](/usc/42/12854.md?p=1) may prescribe, the [Trust](/usc/42/12854.md?p=6) may appoint and hire such staff and provide for offices as may be necessary to carry out its duties. The [Trust](/usc/42/12854.md?p=6) may fix the compensation of the staff, which shall be paid from amounts in the National Homeownership [Trust](/usc/42/12854.md?p=6) [Fund](/usc/42/12854.md?p=3).

## Source credit

(Pub. L. 101–625, title III, § 302, Nov. 28, 1990, 104 Stat. 4129.)

## Notes

### Statutory Notes and Related Subsidiaries

### Short Title

For short title of this subchapter as the “National Homeownership Trust Act”, see Short Title note set out under section 12701 of this title.